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Small businesses are not happy in New York State after a fresh New York State law has been put in place.
Governor Hochul today signed the LLC Transparency Act, which will create a database of the owners names and information of Limited Liability Corporations that is accessible to government agencies and law enforcement. Records had been previously hidden.
The new law would allow agencies to crack down on illegal money laundering, and other illegal actions taken by people that are hiding behind LLC.
For far too long, bad actors have been protected by the loose disclosure requirements of LLC ownership,” Governor Hochul said. “Wage theft, money laundering, tenant mistreatment and other unlawful activity has been masked by the opaque ownership structure of an LLC. The new LLC Transparency Act will give law enforcement and State regulators the tools they need to hold bad actors accountable”, from the New York State website.
All sorts of people on social media are not happy with the move saying that Hochul has ‘weakened’ the idea of an LLC to some degree. Though, the database of information that would be assessable is not open to the public to have free range to look at.
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Gallery Credit: Howard Hanna WNY Inc. via Redfin/Canva
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